Do you stand on correct Accounting Principles?
Accounting principles versus absolutes I don’t like absolutes. Absolutes are it when people make statements that are said with authority and are generally taken as gospel truth. These statements are often incorrect anyway, eg: ALL businesses should be on TikTok. REALLY? Why? Is there data to confirm this? NO! With technology and everything in everyday […]
VAT impacts everyone!
South Africa implemented Value Added Tax (VAT) on the 30th of September 1991, replacing general sales tax as the indirect taxation system (1). VAT has since been the second most important source of government revenue in South Africa (2). The adverse effects of VAT on poorer consumers have been continuously debated by unions and departments […]
Do you have the accounting know-how required to run your business?
Many entrepreneurs who feel confident about their accounting know-how take it upon themselves to do their own accounting function. The thinking behind this is actually sound: “keep your fingertips on the numbers the business is producing”. Producing the goods Unfortunately, many business owners (despite having the skills to do so) don’t fully understand the rigours […]
Tax consultants – what do they do?
“Tax Practitioners” or “Tax Guys”: You will probably have a person who handles your tax affairs. This is fantastic but a warning – there are different types. Preparer: This is a person who is not qualified to give advice but is allowed to prepare tax returns on behalf of people. They cannot submit the return. […]
Nothing to fear
“There is nothing to fear but fear itself” Anon “Tax compliance ensures no fear of the tax man.” Bruce Laister (BC Accounting) I have come to realise that there are few things in life that can instantly cause panic in someone’s life. Apart from the obvious events like war, natural disasters etc, possibly one of […]
4 mistakes to avoid when submitting your personal tax return
Submitting a personal tax return can strike fear into anyone! It does not have to be like this though. There are a number of things you should avoid when completing your personal taxation return. Here we explore four of the biggest mistakes you are likely to make. And how to make the claims. Mistake 1: […]
4 ways you are throwing your money away
Paying bank fees Bank fees are inevitable but why are you throwing money away here? These are charges that slip away from us and the money you spend may be more than you have to pay. If you don’t like the rates you receive – find another bank that suits your pocket. Gone are the […]
The Company Car
The company car is often an employee’s favourite perk In reality, it is an accountant’s little ticking time bomb A company car is a great perk but the tax that is levied on this perk, is not as simple as many of these employees might think. Travel expense claims and deductions are one of the […]
Tax Planning versus Tax Evasion
Tax avoidance and tax evasion is a sensitive topic. One is legal and the other illegal. Can you guess which is which? I hope you got it correct! Below is a more detailed explanation: Tax EVASION Is ILLEGAL. It is the purposeful and intentional evading of taxes to be paid. This is in any kind […]
One reason that you WANT to PAY TAX!
Why should I want to? The purpose of a company is to make a profit. Every business owner wants to make a profit. However, when you make a profit, you need to pay taxes. The overwhelming consensus from business owners and individuals is that they don’t want to pay tax. By extension of that thought […]